Sports Betting Site Scams
As you will very quickly discover as you look around this website, I have compiled many news stories and articles that are going to reveal to you a wide and very varied range of sports betting scams that have been perpetrated over the years, some of which could also still be going on!
However, it is not just by rigging sporting events such as football matches, golf matches and non-trying jockeys and drugged horses that fraudsters can defraud online betting sites, there are other ways that people can and will rip of any type of online or mobile bookies too.
One way that has been on the increase recently is by punters signing up to a betting site or mobile betting app, making large deposits and then betting big on just one sporting event. If that bet wins then all is good, and they simply need to cash out their winnings, however it is when that bet is a losing one that those fraudsters will then put their plan into action. What they will do is use a debit or credit card to make a deposit, and if the bet they place turns out to be a losing one, they will then contact their bank and say that their debit or credit card has been compromised and they did not make that betting site deposit.
Even with high-tech security systems in place, it is impossible for a betting site to be able to prove that a person did make a deposit rather than someone else making a deposit using somebody else’s card, and as such the issuer of those debit and credit cards will perform a charge-back on those deposits and return the funds to the card holders account.
The solution to this problem is for online bookies and mobile betting app-based companies to perform a know your customer type of check on all new customers who sign up to their sites and apps, which will require that customer to send in copies of additional identification documents such as a copy of a passport, driving license and a recent utility bill.
In fact, some sports betting sites will also request from new customers a selfie in which that new customer must show their face, their passport for example and must be clearly holding the card they have chosen to deposit with! By doing so they are then able to prove beyond any doubt that it was the rightful owner of that debit or credit card that made that deposit.
However, most betting sites do not perform a know your customer often referred to as (KYC) security check until a customer requests a winning cash out, as they do not want those customers to be put off depositing and then having to go through a security check before they place their wagers.
That is however going to be the only way that gambling sites will get around this problem, but it is something many of them are very reluctant to do and that is one of the reasons this type of fraud is commonplace at such sites.